JPMorgan Chase & Co will keep about 45 percent of Bear Stearns Cos. employees after the two banks complete their merger, JPMorgan's chief executive said.

JPMorgan is in the process of acquiring with the struggling securities firm which was on the verge of bankruptcy due to a heavy downturn in the housing market and tight credit markets.

Dimon expects the acquisition to be completed by June 1.

We're retaining 45 percent of the Bear Stearns staff, chief executive Jamie Dimon said at the bank's annual shareholder meeting, according to the Associated Press.

He said most of the job offers have already been made. Dimon did not specify how many jobs would be cut at JPMorgan.

The bank will eliminate about 4,000 of its own employees in connection with the merger, a person familiar with the matter told Bloomberg news last week.

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